This document contains amendments made in relevant laws through Finance Act, 2019 (i.e. Tax year starting from 1 July 2019 to 30 June 2020) in Income Tax, Sales Tax, FED and Customs law.
We at
Sharjeel Ayub & Co (Sayub) made an effort to present above
mentioned amendments in simplest possible form so that readers get an
understanding for proper tax planning.
Sayub comments contained in the documents
represent our views / interpretations of the amendments therefore should not be
taken conclusive on legal ground without our prior advice.
We
sincerely believe that this document is simple and as precise as possible
nevertheless, you may ask for further details by contacting us.
This is May 2019 which is the second last month of the tax year 2019, and FBR is doing much needed action which is to REMIND the tax filers who missed to file their Tax returns to FILE all previous returns so as to avoid avoidable penalty for late filing. Please note that there is a minimum penalty of Rs 20,000/- ( Rupees Twenty Thousand Only) in case return is filed late thats not complete here there is an additional per day penalty @0.1% tax due. Therefore each passing day has its consequence of increasing penalty amount. However this additional penalty can be avoided.
This video explains about confusion that many have about who is tax filer. Generally taxpayers believe themselves as filers being taxpayer which is not the case. In order to become tax filer one need to file returns of income regularly once in a year.
Recently FBR has extended the deadline for filing Income Tax Return 2018 till 30th April 2019. Which is believed to be last chance given by FBR to become filer.
In order to have insights about how tax filing works we can start short video series to better demonstrate key message.
In case you want to file your Income Tax returns to become filer but unsure about where to start or what is required for filing please leave a message in Contact us section. Our team of professionals will reply your message without any cost.
We believe most the taxpayers in Pakistan do not know about the process how to file and become filer.
It is important to mention here that tax return filing does not necessarily requires tax payment. Your income may be exempt but the fact would be known to FBR once you start filing and declare this fact to FBR.
Why to pay more taxes when you are already paying lot of taxes already. Return filing saves you from undue unnecessary taxes.
The year 2018 was been different from the
previous years’ in terms of increase in number of taxpayers in Pakistan. This
increase is due to numerous restrictions and taxes imposed on Non-Filers by the
Govt. of Pakistan. The Federal Board of Revenue has already crossed the mark of
1.8 million taxpayers in the tax year 2018, but this isn’t enough.
Crackdown against Non-filers
Recently, state minister for revenue Mr.
Hammad Azhar has stated the Government has planned a cracked down against
non-tax filers in May 2019. As per his statement, there are still forty to
fifty hundred thousand non-filers in our country, who are liable to file their
tax return but haven’t filed yet. This crack down would badly affect those
people who have their National Tax Number (NTN) and haven’t filed their tax return
for the year 2018 or earning an income more than 400,000 rupees and haven’t
formed their National Tax number (NTN) in order to file their tax return for
the year 2018.
Government has already provided ample time
Recently, the Govt. of Pakistan announced
to extend the date for filing of income tax return for the year 2018 till 31st
March 2019 and it was further extended by the Federal Board of Revenue (FBR)
till 30th April 2019. This is a big opportunity for those who were
left out to be added in the Active tax payer list and as well as to those who
are liable to file their income tax return and haven’t formed their NTN yet.
Can you become filer?
Don’t get busted and avail the opportunity
before 30th April 2019 to become filer. All you need to do is follow
the four simple step and add yourself in the Active Filer List (ATL)
Get your National Tax Number.
Share with us some of your personal information such as your CNIC, your Cell
number and your email address.
Update your Personal and/or
your business information in Form 181.
File your Income Tax Return.
Share your salary or business income details with us and we can do the job for
you
Your Wealth details. Share with
us details of asset you own and liabilities you owe and consider the job done.
Act now before the time ran out. Remember
tax evader will have to face strict legal actions taken by federal board of
revenue. So don’t be a tax evader, be a tax filer.
The Federal Board of Revenue (FBR) has extended the date for submission of Income Tax Return for the year 2018. It is very important to note that FBR has also announced that in order to be in the filer List, taxpayer has to submit their Income Tax Return within due date. Submitting your income tax return after the specified due date would not include you in the Filer list. Previously the due date for submission was 17 December 2018. But Govt. of Pakistan had decided to give some time to taxpayer who filed late or were unable to file their annual return and extended the due date to 31st March 2019. Now the FBR has decided to further extend the due date till 30th April 2019.
You may access circular from FBR website Click here for Circular extending due date of Income Tax Returns Click here
After the Govt. of Pakistan decided to
extend the due date for submission of Income Tax return till 31st
March 2019, the Federal Board of revenue has announced to further extend the
due date till 30th April 2019. So this is the best time for new
filers to get on board. Here are some simple four steps through which you can
get yourself in the filer list.
Get your National Tax Number. You
need to provide your CNIC number, your Cell number (Active in Pakistan) and
your email address.
Based on your income i.e.
Salary or business we can file your Income Tax Return.
Based on the information you
provide, we can prepare your Wealth statement.
You will become filer within 12
Business hours.
Good News for Non-resident Pakistanis
The Federal Board of Revenue has decided to
extend the due date for submission of income tax return till 30th
June 2019. This is a big opportunity for all the Pakistanis residing abroad and
are non-resident for tax purpose in Pakistan. After the initiative taken by the
current government regarding filers that whoever filed the Income Tax return
for the year 2018 in due date will be added to Active Taxpayer filer list, this
has impacted hugely to those Pakistani who are Non-resident (still non-filer)
and because of some strict initiatives taken by the Government for non-filers.
So, worry no more, and become filer before 30th April 2019 and enjoy
the benefits as a filer provided by the Govt. of Pakistan. Some key comparison
between being filer Vs being non-filer
FilerNon-Filer
Tax on Cash withdrawal over Rs.50,000
NO
Tax on Cash withdrawal over Rs.50,000
YES
Tax on Transfer of funds over Rs.25,000
NO
Tax on Transfer of funds over Rs.25,000
YES
Purchase of Car over 1300 cc Possible
YES
Purchase of Car over 1300 cc Possible
NO
Purchase of Property over Rs.40 million possible
YES
Purchase of Property over Rs.40 million possible
NO
The Pros and Cons for filer and non-filer
list is longer than you think. So, don’t waste time and become filer in four
simple Steps.
FBR lately announced extension in date of filing returns for tax year 2018 which gives another chance for non-filers to become filer and a ray of hope for persons who filed their returns late i.e. after 17th December 2018.
If you are here to read this article, then there are two certain things, one is that you are Pakistani and second, you are living abroad.
If you are searching for a solution for how to file income tax returns in Pakistan then you should stop here as I am going to answer each and every question that might pop up in your mind and you would want to know.
So here are some common questions and their quick answers.
This document contains amendments made in relevant laws through Finance Bill 2018 (i.e. Tax year starting from 1 July 2018 to 30 June 2019) in Income Tax, Sales Tax, FED and Customs law.
We at Sharjeel Ayub & Co (Sayub) made an effort to present above mentioned amendments in simplest possible form so that readers get an understanding for proper tax planning.
The document can be used as handy tax rates guide that are applicable for the Tax year 2019.
Sayub comments contained in the documents represent our views / interpretations of the amendments therefore should not be taken conclusive on legal ground without our prior advice.
We sincerely believe that this document is simple and as precise as possible nevertheless, you may ask for further details by contacting us.
Income tax return filing for tax year just ended i.e. 30 June 2018 has greater significance as compared to previous years. In addition to penalties imposed by FBR for late filing of return, a person filing his /her return for tax year 2018 would not be included in ACTIVE FILERS’ list as published by FBR.
Late filing of returns would not get your name on ACTIVE FILERS’ LIST –FBR hence late filer would be treated as non-filers for the whole year
Is it real that 23rd June 2018 last date to become Income Tax filer? That’s Incorrect Read ME
Have you just received a whatsapp message saying June 23, 2018 is the last date to become filer else your name will be updated in Active Taxpayers’ List (ATL) on 1st March 2019 ? if your answer is in affirmative then this article is for you.
